India bats for global crypto regulation framework

Nirmala Sitharaman David Malpass Washington India San Francisco city Washington International Monetary Fund World Bank Framework

20.04.2022 - 05:47

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economictimes.indiatimes.com:

India has pitched for a global framework to regulate crypto currencies identifying their use in money laundering and terror financing as the biggest risks for all countries. «I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror,» finance minister Nirmala Sitharaman said at a discussion on “Money at a Crossroad” hosted by the International Monetary Fund (IMF) in Washington DC. The minister added that no country could handle these alone and they can be only regulated when countries come on board together.

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«I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it. And that's not possible if any one country thinks that it can handle it. It has to be across the board,» Sitharaman said. She added that India had introduced a 30% tax on Cryptocurrency to keep a track on who was transacting in these assets. «How can we keep a trail following these transactions which were happening. After all these were electronic codes eventually. So we wanted to be sure. So through that (30% tax)we will be able to know who's buying and who is selling it,» Sitharaman said.

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